Corre Energy secures funds for hydrogen-based storage in Europe

Netherlands-based hydrogen-based energy storage developer Corre Energy BV on Wednesday signed a deal securing an investment of up to EUR 20 million (USD 24m) from Italian Energy Efficiency Fund II.

The funds will help Corre to bring to financial close its flagship projects in the Netherlands and Denmark and to further develop its project pipeline across Europe. The company develops, builds and operates grid-scale energy storage using hydrogen-fuelled Compressed Air Energy Storage (hydrogen storage) and green hydrogen production. It has 11 projects across northern Europe.

Italian Energy Efficiency Fund II is managed by Fondo Italiano per I’Efficienza Energetica SGR S.P.A (FIEE) and backed by the European Investment Bank.

"We are very pleased to begin a long-term partnership with Corre Energy, a company which enjoys a significant first mover advantage in two key segments of the energy transition, represented by energy storage as well as the production of green hydrogen," FIEE co-CEOs Andrea Marano and Raffaele Mellone commented.

(EUR 1.0 = USD 1.218)

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